Last updated: October 14th, 2026
1. Preliminary Notes.
1.1 These Terms and Conditions are intended to govern the manner in which Phi Wallet, Unipessoal Lda (“Phi Wallet”) provides services relating to the sale, purchase, transfer and storage of physical Gold through the Phi Wallet Application (“App” and/or “Phi Wallet App”) and any of the services provided by Phi Wallet (“Services”), and to provide the Customer with information about Phi Wallet, how to amend or terminate the agreement, dispute resolution and other relevant information.
1.2 While these Terms and Conditions represent the principal terms with respect to the Site, Products and Services made available by Phi Wallet, the Privacy Policy and the Cookie Policy, which can be found on our Site and App, are incorporated herein by reference (together with these Terms and Conditions, the “Terms”).
1.3 If there is any conflict between these Terms and Conditions and any of the above Policies, these Terms and Conditions shall prevail, except where a Policy grants you more favourable rights or where Applicable Law provides otherwise.
1.4 You should carefully read the contents of the Terms as they contain the provisions governing your legal rights and obligations as to, including but not limited to, access to and use of the Phi Wallet App, the Website, Products or Services, and ensure that you understand and are aware of them.
1.5 If you do not understand the provisions of the Terms, you may ask us for clarification at support@phiwallet.com and you may also seek independent legal advice.
1.6 Any questions or comments about any of our Services and/or Products can be addressed to: support@phiwallet.com.
2. Definitions.
“Account” means the account opened in your name for use of the Phi Wallet Services and Products through the App, in which your Gold Balance, any fiat balance and your Transaction History are recorded.
“Allocated Gold” means gold bars produced by refiners whose bars have been accredited by the LBMA, held in the Vault, and individually identified in the Bar List by a unique serial number, weight and purity percentage.
“Applicable Law” means any law, rule, statute, subordinate legislation, regulation, act, order, ordinance, protocol, code, guideline, treaty, policy, notice, direction or court, arbitral, administrative, ministerial or departmental award, judgement, decree, directive or other requirement or guideline published or in effect at any time that applies to or is intended to govern or regulate any person (including all Parties to these Terms), property, transaction, activity, event or other matter, including any rule, order, judgement, directive or other requirement or guideline issued by any governmental or regulatory authority.
“Bar List” means the list, issued by the Vault Operator, of all Allocated Gold held in the Customer Gold Account, showing for each bar its refiner, serial number, gross weight, purity and fine weight.
“Business Days” means any day of the week except Saturday, Sunday and public holidays in Lisbon, Portugal.
“Clause(s)” means each numbered provision or section of these Terms.
“Consumer” means an individual who uses the Services for purposes outside his or her trade, business, craft or profession.
“Customer Gold Account” means the account opened by Phi Wallet with the Vault Operator, in Phi Wallet’s name as custodian for its customers, in which the Allocated Gold belonging to Phi Wallet’s customers is held, as described in Clause 16.
“Enabled Device” means the mobile communications or other device successfully registered by the User for use in connection with the Phi Wallet App, Services and/or related Products.
“Fees” shall mean all fees charged by us for the use of the Phi Wallet App Services, as set out in these Terms and displayed in the App.
“Force Majeure Event(s)” has the meaning ascribed to it in Clause 27 “Force Majeure”.
“Gold” means physical gold that meets the Chain of Integrity Standard as established by the LBMA.
“Gold Balance” means the quantity of Gold, expressed in grams, recorded in the Ledger as owned by you.
“Include” means include without limitation.
“Instructions” means all information, instructions, communications, orders or messages (including those relating to purchases, sales, transfers, deliveries or withdrawals) given by you to Phi Wallet through the App.
“LBMA” means the London Bullion Market Association.
“Ledger” means the proprietary record-keeping system operated by Phi Wallet in which Gold Balances, fiat balances and all transactions of its customers are recorded.
“London Good Delivery” shall have the meaning ascribed to it by the LBMA, as may be updated from time to time.
“Mark(s)” shall have the meaning ascribed to the term in Clause 22.
“Materials” means, collectively, the images and content of the Site, including, but not limited to, text, software, images, graphics, data, messages, market data or any other information, and any other content on the Site owned, operated, licensed or controlled by Phi Wallet.
“Party” means you or Phi Wallet, both of which are jointly referred to as the “Parties”.
“Personal Data” means any information relating to an identified or identifiable natural person.
“Phi Wallet” means Phi Wallet, Unipessoal Lda, a private limited company (sociedade por quotas) incorporated in Portugal, with its registered office at Avenida Dom João II, Lote 11902/A, Escritório 2.10, 1990-096 Lisboa, Portugal, with the single registration and taxpayer number 516547186, holder of activity title no. T7164 issued by the Contrastaria de Lisboa for the retail sale of precious metal articles through distance communication channels.
“Phi Wallet App” (or “App”) means the mobile application software developed, owned and released by Phi Wallet and available for download for Android or Apple iOS, including the Phi Business application made available to Users that are legal entities, all content and services listed in Clause 13 and made available on or through it, and any and all updates, supplements, releases and versions thereof.
“Phi Wallet App Services” means the Service Content and all related features, services, content and applications described in Clause 13, which Phi Wallet may make available to you on the Phi Wallet App from time to time with respect to your Gold.
“Privacy Policy” means the Privacy Policy which is available on our Website and App.
“Products” means the products, platforms and technology that Phi Wallet provides to Users.
“Service Content” means data, information, materials, advertisements, text, audio, video, graphics, software and other content on the Site, Products and Services, including on the App, made available by Phi Wallet.
“Services” means the services and other actions that Phi Wallet provides to Users through the Products.
“Site” means the Website.
“Streaming Price Quote” has the meaning ascribed to it in Clause 17.2.2.
“Taxes” means any taxes, duties or fees that have been levied, paid or withheld for any reason related to your use of the Services under any Applicable Law.
“Terms” or “T&Cs” shall have the meaning assigned to the term in Clause 1.2.
“Transaction History” means records of all transactions and any details relevant to such transactions in the User’s Account.
“Unauthorised Transaction” means a transaction or a fiat withdrawal that is not authorised by you. For the avoidance of doubt, a transaction or a fiat withdrawal that is authorised and/or initiated by you as a result of error, duress, fraud, misrepresentation, inducement, etc. will not constitute an Unauthorised Transaction.
“User” (or “Customer”/“Client”) means any natural person or legal entity that registers with Phi Wallet and holds an Account, whether through the Phi Wallet application or the Phi Business application. A User that is a legal entity acts through its authorised representatives.
“Vault” means the secure storage facility, currently located in Switzerland, in which the Customer Gold Account is held.
“Vault Operator” means the specialised and independent third party vault operator appointed by Phi Wallet to operate the Vault, or any replacement appointed in accordance with Clause 16.2.6.
“we/our/us” means Phi Wallet.
“Website” means the website at www.phiwallet.com and any other website managed by Phi Wallet.
“you/your” means the User.
3. Contractual Basis.
3.1 These Terms (including the Privacy Policy and the Cookie Policy, which are made available to you and form an integral part of these Terms) constitute the entire agreement and a binding contract between the Parties with respect to its subject matter and supersede and set aside all other prior representations, agreements and understandings regarding the same subject matter (whether oral or written, express or implied).
3.1.1 Any samples, drawings, descriptive material or illustrations of the Services contained on the Site or the Phi Wallet App or other printed material are issued for the purpose of giving an approximate idea of the Services described therein. This is without prejudice to the rule of Applicable Law under which concrete and objective information contained in advertising addressed to Consumers forms part of the contract.
3.2 You must agree to the contents of these Terms before you proceed to use the Phi Wallet Site, Products and/or Services, through which you will be contractually bound hereunder.
3.2.1 Acceptance:
3.2.1.1 Agreement to these Terms and to any other contractual documentation of Phi Wallet is evidenced by the User’s act of tapping the button confirming account creation after being presented with the statement: “By clicking ‘Create account,’ you agree to our Terms of Service and acknowledge that you have read and accept our Privacy Policy.” Such action constitutes the User’s express and informed consent to be bound by the Terms and related policies.
3.2.1.2 The contract is concluded upon the successful completion of your enrolment/registration process as a User of the Services and, in particular, of the Phi Wallet App.
3.2.2 These Terms are made available to you on the Website and in the App before you create your Account, and you may download, store and print them at any time. Following the creation of your Account, we will send you a copy of the Terms in force on that date by email.
3.3 If you do not agree or accept all or part of these Terms you must not proceed with account creation and you must not use any Phi Wallet services and products.
3.4 Without prejudice to your rights under Applicable Law, you acknowledge that by agreeing to these Terms, you are not relying on any representation, warranty, or understanding other than those expressly set forth in these Terms.
3.5 Except as set forth in these Terms, no variation of these Terms shall be effective unless agreed to in writing by the Parties (or their authorised representatives).
3.6 We recommend that you retain a copy of the latest version of these Terms for your records
3.7 Right of withdrawal.
3.7.1 If you are a Consumer, you may withdraw from this agreement within fourteen (14) days from the date on which your Account is created, without giving any reason and free of charge, by sending a clear statement of withdrawal to support@phiwallet.com.
3.7.2 The right of withdrawal does not apply to individual purchases or sales of Gold executed through the App, because their price depends on fluctuations in the gold market which cannot be controlled by Phi Wallet and which may occur within the withdrawal period. Executed purchases and sales cannot be cancelled, in accordance with Clause 17.2.5.
3.7.3 If you withdraw while holding Gold or a fiat balance, Clauses 21.12 and 21.16 apply.
4. Translations.
4.1 These Terms are created in the English language, with translation provided in Portuguese, Spanish and French.
4.2 All communications will be made in the English language and in some cases translated into one of the Phi Wallet App supported languages, including any notices or information transmitted, except where expressly prohibited by law.
4.3 Phi Wallet may make the content of these Terms and the communications available in other languages and the User will be informed of this.
4.4 In the event that these Terms or any part of them are translated (for any process, for your convenience or otherwise) into any other language, or in the event of a conflict between the content of the Terms in the English language and any other language into which they are translated, the English language text shall prevail, except where expressly prohibited by law.
5. Headings; Titles.
5.1 All headings and/or titles are for convenience of reference only and do not affect the meaning, construction or legal effect of these Terms.
6. Revisions; Modifications.
6.1 Phi Wallet may amend these Terms for a valid reason, including changes in Applicable Law or in the requirements of any competent authority, changes to the Services or to the way they are provided, changes in the costs of our service providers that affect the Fees, security reasons, or the correction of errors.
6.2 The updated version of these Terms will include a new “last updated” date at the top of the Terms so that you can identify the currently applicable Terms.
6.3 Where a change is not exclusively to your benefit, we will notify you by email and in the App at least thirty (30) days before the change takes effect, describing the change and the date on which it takes effect.
6.4 Where a change is required by Applicable Law or by a competent authority within a shorter period, the change may take effect within that shorter period, and we will inform you as early as possible.
6.5 Changes which are exclusively to your benefit, or which are purely editorial and do not affect your rights and obligations, may take effect immediately upon posting.
6.6 Any updated version supersedes any earlier version from the date on which it takes effect, and the earlier version has no continuing legal effect unless the revised version specifically refers to the earlier version and explicitly states that the earlier version (or portions thereof) will remain in effect.
6.7 If you do not terminate the agreement before the date on which a change notified under Clause 6.3 takes effect, the change will apply to you from that date.
6.8 If you object to a change, you may terminate the agreement free of charge at any time before the change takes effect, by:
6.8.1 ceasing to use the Site, Products and Services;
6.8.2 selling, transferring or requesting delivery of your Gold, withdrawing any funds you hold, and then requesting the closure of your Account through the App or by email to support@phiwallet.com.
6.8.2.1 In this case, your Gold and funds may be withdrawn and your Account may be closed pursuant to the version of the Terms in effect before the change.
6.9 We recommend that you review the Terms and other relevant Policies from time to time.
7. Transfer; Assignment; Delegation; Agency
7.1 Nothing in these Terms shall be deemed to constitute, create, imply, give effect to, or otherwise recognise a partnership, employment, joint venture, or formal business entity of any kind.
7.2 The rights and obligations of the Parties shall be limited to those expressly set forth herein.
7.3 Except as expressly provided or agreed between the Parties in writing, nothing in these Terms is intended to, or shall be deemed to, constitute either Party as agent for the other Party, or authorise either Party to make or enter into any commitments for or on behalf of the other Party
7.4 These Terms, and any rights and obligations and licences granted hereunder, are limited, revocable, non-exclusive and personal to you, and therefore may not be transferred, assigned, delegated or sold, in part or in whole, by you to any third party without our written consent.
7.4.1 Phi Wallet may transfer its contractual position under these Terms to another entity only with your agreement or otherwise as permitted by Applicable Law, including where the transferee succeeds to Phi Wallet’s business by operation of law (for example by merger). Phi Wallet will inform you in advance of any such transfer, and you may terminate the agreement free of charge before it takes effect.
7.5 In addition, Users may not grant anyone access to their Account except as expressly permitted herein.
7.6 Any attempted transfer or assignment in violation of these Terms will be null and void.
7.7 These Terms shall be binding upon and inure to the benefit of the Parties hereto, our successors, and permitted assigns.
7.8 In the event that Phi Wallet is acquired by or merged with a third party entity, information collected from you may be transferred as part of such merger, acquisition, sale, or other change of control, in accordance with our Privacy Policy and Applicable Law.
7.9 Regarding the above point, please see our Privacy Policy available at our website and App.
7.10 Except for the indemnification provisions contained herein, nothing expressed or implied in these Terms is intended or shall be construed to confer on any person other than the Parties to these Terms any legal or equitable right, remedy or claim under or in connection with these Terms.
7.11 These Terms and all representations, warranties, covenants, conditions and provisions of these Terms are intended to be and are for the exclusive benefit of you and us.
8. Client.
8.1 Access to Phi Wallet Services and Products, including the App, is only permitted:
8.1.1 to those who are eighteen (18) years of age or older; and
8.1.2 to those of legal age to enter into legally binding contracts under applicable laws.
8.2 In the event that the Customer does not meet any of the above requirements, the Customer is not authorised to use any of the Services and Products made available by Phi Wallet.
8.3 By accessing or using the Phi Wallet Products and Services, a Customer who is an individual confirms that he or she is eighteen (18) years of age or older and has the legal capacity to enter into legally binding contracts under applicable laws.
8.4 Misrepresentation of your age to gain access to any of Phi Wallet’s services and products is a violation of these Terms.
8.5 The Customer declares, by accepting the Terms, that:
8.5.1 You are not a resident or tax resident of, and have no relevant connection with any jurisdiction that is internationally sanctioned;
8.5.2 You are not a resident or tax resident of, and have no relevant connection with any jurisdiction that has been indicated by Phi Wallet as being subject to prohibitions or restrictions on access or use;
8.5.3 Your use of the Site, Products and Services provided by Phi Wallet is legal and unrestricted in your local jurisdiction and exempt from any licensing, registration or approval of any kind;
8.5.4 You are the authorised user of your Enabled Device, and you have not used, nor are you aware of anyone else who has used, a means of removing the manufacturer’s restrictions;
8.5.5 You are not currently registered as a User of Phi Wallet Services and Products;
8.5.6 You are not impersonating any other person, operating under a pseudonym or concealing your identity;
8.5.7 You are not listed as a Politically Exposed Person or a Denied Person;
8.5.8 You are acting on your own behalf and not on behalf of any other person; if you are an individual, you are the sole beneficial owner of your Account, and if you are a legal entity, you have disclosed your beneficial owners to Phi Wallet;
8.5.9 You are the beneficial owner of any Gold and/or fiat currency that is subject to these Terms and constitutes the subject matter of the Services; and
8.5.10 You are in compliance with all requirements of Applicable Law to which you are subject, including without limitation, all tax laws and regulations, exchange control requirements and registration requirements.
8.6 You agree not to use the Site, the Products and/or the Services if such use is prohibited or violates the laws of the country, state, province, or other jurisdiction in which you reside, are a tax resident or of which you are a citizen.
9. Registration; Account; Provision of Information.
9.1 To use the Phi Wallet Site, Services and Products, you must register as a User and create an account, which will be used to identify you and to record your Gold Balance and any fiat balance.
9.2 To register as a User and to create your dedicated Account, you will be asked to verify your Account by providing certain details and information, including requesting necessary and essential documentation, as this information is intended to identify each person opening an Account.
9.3 To thi extent, the Client may be asked, among other things, for the following information:
9.3.1 Full name;
9.3.2 Nationality and Place of Birth;
9.3.3 Address;
9.3.4 Email address;
9.3.5 Telephone contact;
9.3.6 Date of Birth;
9.3.7 Identification Number;
9.3.8 Taxpayer Identification Number;
9.3.9 Other information and documents.
9.4 You may also be asked for information from third parties, such as:
9.4.1 Your bank account number; and
9.4.2 Related information.
9.5 At the time of your registration as a User, or at any future time after your registration as a User, you authorise Phi Wallet, either directly or using relevant third party service providers, to perform electronic verification of your User identity.
9.6 You represent and warrant that any and all information you provide to us or any of our third party service providers is at all times complete, accurate and up-to-date in all respects.
9.7 If the information provided by the Client is no longer complete, accurate and up-to-date, it is the Client’s responsibility to:
9.7.1 Inform us of any changes to said information or any other information that you have provided to us during registration or in the course of your engagement with Phi Wallet under these Terms;
9.7.2 Provide us and/or third party service providers, in applicable situations, with the revised and updated information without delay.
9.8 If at any time Phi Wallet believes that your information is incomplete, out of date or inaccurate, we may contact you and ask for more information or ask you to go through the verification process again.
9.9 Except as permitted by Applicable Law, all information and documents must be in English, Spanish, Portuguese or French (including such information and/or documents as may be required by us from time to time for compliance with Applicable Laws) in order to process your registration.
9.9.1 If documents provided are not in the above-mentioned languages (except where permitted by Applicable Law), Phi Wallet reserves the right to require a certified translation from you and not to complete your registration as a User until such a translation has been provided and validated.
9.10 Under Applicable Law, Phi Wallet reserves the right to request from the User, at all times, information to enable Phi Wallet to comply with its legal obligations, in particular, to communicate the User’s tax information to the competent authorities.
9.10.1 The User agrees to:
9.10.1.1 Cooperate with all requests made by us or any of our third party service providers on our behalf in connection with your use of the Phi Wallet Site, Services and/or Products, which may include requiring additional information that allows us to reasonably identify you, requiring you to take steps to confirm ownership of your phone number or payment instruments, or verifying your information against third party databases or through other sources;
9.10.1.2 Provide true, accurate, current and complete responses to requests for information required by Phi Wallet; and
9.10.1.3 Maintain and promptly update the information you provide in order to keep it true, accurate, current and complete at all times.
9.11 In case the Client:
9.11.1 Fails to respond or to respond in a timely manner to any request for information required by Phi Wallet, or if the information provided is insufficient, untrue, not current, incomplete or misleading and/or provides any information that is false, or if Phi Wallet or any of our authorised agents have reasonable grounds to suspect that such information is false, inaccurate, not current or incomplete, Phi Wallet reserves the right to suspend the User’s Services and/or Products or terminate your Account in accordance with Clause 21, and to report the matter to the competent authorities where required by Applicable Law.
9.12 In such a case, the User is responsible for any reasonable and documented costs incurred by Phi Wallet as a direct result of the foregoing.
9.13 Failure to complete any step of the registration process or to provide updated information may result in the inability to use, or adversely affect the use of, Phi Wallet’s Services and Products.
10. Data Protection.
10.1 Without prejudice to its obligations under applicable data protection law, Phi Wallet will take appropriate technical and organisational measures to protect your data from inadvertent disclosure or misappropriation, but cannot guarantee protection against intentional or criminal acts by third parties, such as hackers or “phishers”.
10.2 Phi Wallet will only share Users’ Personal Data in order to facilitate and administer their use of the Site, Services and Products, in particular the App, or if required by law, in accordance with the Privacy Policy and applicable data protection laws.
10.3 Phi Wallet processes the Personal Data of its Users for the purposes of fraud prevention and anti-money laundering and combating the financing of terrorism, as required by Applicable Law.
10.4 For information on how we collect, use, disclose and share your Personal Data with our authorised service providers and relevant third parties, please read our Privacy Policy, which forms an integral part of these Terms.
10.5 For more information regarding Privacy and Personal Data, please see our Privacy Policy, available at our website and App.
10.6 Provision and Retention of Third Party Services:
10.6.1 Within the scope of the services provided to its Users, Phi Wallet may occasionally or continuously resort to services provided by third parties for the performance of certain functions, which may involve the processing of your Personal Data.
10.6.2 These third parties include providers of identity verification, cloud hosting and data storage services, and the Vault Operator. The categories of recipients of your Personal Data, and further details, are set out in the Privacy Policy.
10.6.3 Where a third party contracts directly with you, its own terms and conditions and privacy policy apply and are the responsibility of that third party.
10.6.4 Where Phi Wallet uses a third party to perform the Services, Phi Wallet remains responsible to you for the performance of the Services in accordance with these Terms and Applicable Law.
11. Usage; Conduct.
11.1 If you register with us as an individual User, you agree to use the Site, App, Products, and Services for your personal use only.
11.2 If you register with us on behalf of a legal entity, including through Phi Business, you represent and agree that you:
11.2.1 are an authorised representative of that legal entity and that these Terms are binding on it;
11.2.2 will use the Site, App, the Products, and the Services for business purposes only.
11.3 You further agree that any use of the Site, Products and Services will be for the purposes expressly permitted and contemplated by these Terms.
11.4 You may not use the Site, App, Products, and Services for any other purpose without our express prior written consent.
11.5 The User can access the services and products of Phi Wallet, being able to use the functionalities that Phi Wallet makes available.
11.6 Phi Wallet will notify you of updates to the App, and it is your responsibility to install these updates on your mobile device, otherwise you may no longer have access to the functionality of the App.
11.7 The User is responsible for keeping confidential all access codes, passwords or any other personal information related to the execution of the App, and may not transmit them to third parties.
11.8 Any damages that may arise from the transmission by the User to third parties of the information covered in the preceding paragraph are the responsibility of the User.
11.9 Phi Wallet may refuse an application for registration at its discretion, and may change the eligibility criteria for registration or for the use of the Phi Wallet App Services. Phi Wallet may terminate the agreement without giving reasons by giving you at least sixty (60) days’ notice. Phi Wallet may also suspend, limit or terminate your use of the Services in the circumstances set out in Clause 21.
11.10 Notwithstanding the provisions of these Terms or the successful completion of your registration in accordance with the provisions of Clause 9 above, you acknowledge and agree that certain types of Users may be prohibited from using certain features within the Phi Wallet App Services.
11.11 Subject to the provisions throughout these Terms, you agree not to, and shall not knowingly authorise, permit or assist any other party to, use the Site, App and/or other Phi Wallet Products to:
11.11.1 Spam or otherwise distribute any unsolicited or unauthorised advertising, promotional or marketing material, junk or chain mail;
11.11.2 Conduct illegal activities (including but not limited to money laundering, terrorist financing and fraudulent activities);
11.11.3 Upload content that contains or is infected with viruses, malicious code, Trojan horses, illegal content or contains any other harmful program;
11.11.4 Modify or adapt all or any part of the Site, App and/or other Phi Wallet Products or combine or incorporate the same with other program(s) or application(s);
11.11.5 Disassemble, decompile, reverse engineer or otherwise attempt to derive the source code, object code, underlying concepts, ideas and algorithms of the Site, App and/or other Phi Wallet Products or any of their components, except to the extent permitted by Applicable Law;
11.11.6 In any manner that may lead to infringement of our, our affiliates’ or any other third party’s intellectual property rights, including, without limitation, any copyright, patent or trademark, and you undertake not to take or attempt to take any action or claim ownership of any property that infringes or may infringe our intellectual property interests;
11.11.7 In a way that could damage, disable, impair or compromise the Site, App and/or other Phi Wallet Products or Phi Wallet’s provision of the Services (or the systems or security of the Site, App and/or other Phi Wallet Products or any other computer systems or devices used in connection therewith) or interfere with other Users, and you agree not to gain or attempt to gain unauthorised access to the Account of other Users;
11.11.8 Deposit with Phi Wallet any fiat currency that is part of the proceeds of any criminal or illegal activity;
11.11.9 Engage in any other activities that violate these Terms or any Applicable Laws;
11.11.10 Provide false, inaccurate, incomplete or misleading information to Phi Wallet or any of its affiliates or third party service providers; or
11.11.11 Take any action that imposes an unreasonable or disproportionately large burden or load on Phi Wallet’s infrastructure (including, without limitation our servers, networks, data centres and related or similar equipment) or interfere with, intercept or expropriate any system, data or information belonging to other Users of the Services, App and/or Products.
11.12 You are responsible for all activities performed through your Account using your access credentials and validated by us using the security procedures described in these Terms, unless (a) the activity takes place after you have notified us of the loss, theft or unauthorised use of your credentials or Enabled Device in accordance with Clause 12.10, or (b) the activity results from a breach of these Terms, negligence or a failure of the systems of Phi Wallet.
11.13 By using the Phi Wallet Site, Services and Products, you agree that the security procedures described in these Terms are commercially reasonable for the size, amount and frequency of your use.
11.14 You further agree that the security procedures described in these Terms are used to verify the authenticity of your orders or other Instructions, but not to detect errors in any order or other Instruction transmitted by you.
11.15 Phi Wallet implements monitoring procedures designed to detect fraudulent activity. Phi Wallet is not liable for losses resulting from unauthorised use of your Account where such use results from your failure, intentionally or through negligence, to comply with Clauses 11.7, 12 and 18.6. Phi Wallet remains liable for losses caused by its own breach of these Terms, negligence or wilful misconduct.
11.16 If anyone fraudulently gains access to your Account, we will take such action as we determine to be warranted, including, without limitation, immediately suspending access to your Account and taking all necessary and appropriate steps under Applicable Law.
11.17 Protection against phishing and impersonation.
11.17.1 PHI WALLET WILL NEVER, FOR ANY REASON AND BY ANY MEANS (EMAIL, SMS, TELEPHONE, MESSAGING APP, SOCIAL MEDIA, POST OR IN PERSON), ASK YOU TO:
11.17.1.1 Reveal your password, PIN, one-time code, two-factor authentication code, passkey or any other authentication factor;
11.17.1.2 Install, open or grant access through remote-access, screen-sharing or similar software (such as AnyDesk, TeamViewer or comparable tools) on your Enabled Device or any other device;
11.17.1.3 Sell, transfer, gift or deliver your Gold, or withdraw or transfer funds, to a “safe account”, “holding account”, “verification account” or any account other than a bank account held in your name or the Phi Wallet funding details displayed in the App, whether to protect them, to verify your identity, to unblock your Account or for any other reason; or
11.17.1.4 Make a payment to Phi Wallet or to any third party in order to release your Gold or funds, to resolve a complaint or to unblock your Account, other than the Fees and costs displayed in the App in accordance with these Terms.
11.17.2 Phi Wallet will only ask you to enter your password or an authentication factor inside the App, and only when you yourself have initiated the login, Instruction or action concerned.
11.17.3 Phi Wallet’s official channels are the App, the website www.phiwallet.com, email addresses ending in @phiwallet.com, and the support channels listed in the App and at www.phiwallet.com/contact. The App is available only through the Apple App Store and Google Play.
11.17.4 You must not act on any request that contradicts Clause 11.17.1, even if it appears to come from Phi Wallet, uses Phi Wallet’s name or branding, is urgent, or threatens the suspension of your Account. If in doubt, do not respond; log into your Account through the App and contact us through the App or at support@phiwallet.com.
11.17.5 You must report to Phi Wallet without delay, through the App, at support@phiwallet.com, or through the chat widget available at www.phiwallet.com, any communication that impersonates Phi Wallet or attempts to obtain your authentication factors, together with any sender details, links or screenshots you have.
12. Enabled Device.
12.1 The use and quality of the services provided by Phi Wallet depend on the device used to access the App, which must be enabled for this purpose.
12.2 The User must keep and maintain the device on which the App is used in a safe condition and follow the recommendations of the manufacturer and/or operator.
12.3 You agree and acknowledge that with respect to said device, you shall be responsible for the following, at your own expense:
12.3.1 Obtain and install all hardware, software and communications services necessary for the use of said application in accordance with these Terms;
12.3.2 Install antivirus or other mobile security software on your Enabled Device to protect against any security or other vulnerabilities that may arise in connection with your use of the App in accordance with these Terms; and
12.3.3 Install updates and patches to the App and your Enabled Device in a prompt and timely manner.
12.4 Phi Wallet is not responsible for any attempt to use the App by an incompatible device or one that does not allow it to run properly.
12.5 Without prejudice to Clause 11.12, we assume that Instructions received from your Enabled Device and validated using your access credentials were made by the rightful owner.
12.6 Except for the functionalities that specifically provide for some form of sharing with other Users, the Phi Wallet App is provided for the exclusive use of the Client/User, who undertakes to use it in accordance with the law and these Terms and Conditions.
12.7 The User notably undertakes to refrain from using it for purposes or effects that are illicit, harmful to the rights and interests of third parties or that, in any way, may damage, render useless, overload or deteriorate the services provided by Phi Wallet.
12.8 You are responsible for keeping your Enabled Device secure and maintaining adequate security and control of your login and authentication information (including but not limited to your username and password). Your responsibility for access to and use of the Phi Wallet App through your Enabled Device is determined in accordance with Clauses 11.12 and 11.15.
12.9 You must report to Phi Wallet any anomalies that you detect regarding the use of the App.
12.10 If you discover that your Enabled Device has been lost or stolen or has been accessed or used in an unauthorised manner, you must notify us without delay by emailing us at support@phiwallet.com.
12.11 In addition, if your Enabled Device has been accessed or used in an unauthorised manner, you should reset the login and authentication data on your Enabled Device as soon as possible.
13. Services and Products.
13.1 The product offered by Phi Wallet is physical Gold, made accessible through fractional ownership. Through the App, you may purchase Gold from Phi Wallet and sell Gold to Phi Wallet, in quantities expressed in grams, from one (1) microgram.
13.1.1 Fractional ownership means that the Gold of all customers is held together, in allocated form, in the Customer Gold Account at the Vault, as described in Clause 16. Your Gold is therefore not a specific bar: you own an undivided share of the Allocated Gold held in the Customer Gold Account, equal to your Gold Balance, in co-ownership with the other customers.
13.1.2 Your Gold Balance is recorded in the Ledger, which is the sole authoritative record of your ownership of Gold. Phi Wallet also uses blockchain technology to enhance the transparency of its records, as described in Clause 15.5.
13.1.3 You do not acquire any token, crypto-asset, digital asset or virtual currency under these Terms, and none is offered to you. Your rights under these Terms relate exclusively to physical Gold and to any fiat balance recorded in your Account.
13.2 A User holding Gold with Phi Wallet may:
13.2.1 Request physical delivery of Gold in accordance with Clause 16.3;
13.2.2 Sell Gold to Phi Wallet against payment in the fiat currencies supported in the App;
13.2.2.1 The fiat currencies currently supported are those displayed in the App (at the date of these Terms, United States Dollars (USD) and Euros (EUR)).
13.2.2.2 Sales of Gold will only be possible against supported currencies.
13.2.3 Transfer Gold to other persons, in particular as a gift, where this functionality is available in the App, in accordance with Clause 17.1.2.
13.3 As such, Phi Wallet Services and Products consist mostly of the Phi Wallet App, created to provide services related to selling, buying, transferring and storing Gold, such as, but not limited to:
13.3.1 An Account, in which your Gold Balance and any fiat balance are recorded;
13.3.2 The funding of your Account with fiat currency for the purchase of Gold, and the withdrawal of fiat sale proceeds to a bank account held in your name;
13.3.3 The purchase and sale of Gold at the prices displayed in the App;
13.3.4 Transfer of ownership of Gold, in particular as a gift, where this functionality is available in the App;
13.3.5 The custody of your Gold in the Vault and its physical delivery to you;
13.3.6 Any other products or services shown on the App or on our official communication channels.
13.4 Under these Terms, you will be granted a limited, non-transferable, non-exclusive licence to use the Phi Wallet App to the extent owned or licensed through us on your Enabled Device and for your own purposes only, and subject at all times to these Terms.
13.5 All other rights not expressly granted to the User are deemed to be reserved.
13.6 The above is contingent upon your continued compliance with these Terms and all other applicable terms and policies.
13.7 Gold Balances and Fees expressed in gold are recorded and displayed in grams with up to six (6) decimal places. Fiat amounts are displayed with up to two (2) decimal places.
13.8 Phi Wallet does not provide general or investment advice, nor does it provide guidance on price execution.
13.9 Any opinion or information given by Phi Wallet regarding any market dynamics, including but not limited to price, possible performance or trading conditions, whether posted on the App or the Site or otherwise disclosed to a User, should not be construed as advice in any respect.
14. Gold Market.
14.1 The value of your Gold depends on the price of London Good Delivery gold.
14.2 The price of London Good Delivery gold fluctuates in relation to and when measured against exchange currencies and may result in a loss against them.
14.3 Foreign currency exchange rates are subject to fluctuations beyond Phi Wallet’s control and can fluctuate rapidly.
14.4 Historical prices are not a reliable indicator of future prices. Any foreign exchange risk is borne by the User.
14.5 Please note that the global gold market is largely unregulated and that most new regulations apply to all asset classes and are not unique to gold.
14.6 There is no warranty, express or implied, as to the future value of Gold or of the products supplied by us.
15. Gold Balance; Records.
15.1 Phi Wallet records your Gold Balance in grams, with the lowest denomination of one (1) microgram of Gold.
15.2 Gold purchased from Phi Wallet is stored in the Vault, under the custody arrangements described in Clause 16, through the specialised vaulting services of the Vault Operator. Storage costs apply and are paid by the User.
15.2.1 For more information on this point, please refer to Clause 19.
15.2.2 Phi Wallet may replace bars held in the Customer Gold Account, for example to accommodate purchases, sales, deliveries or vault operations, only with Allocated Gold of at least equal total fine weight, so that the aggregate Gold Balances of all customers remain fully covered at all times. Your undivided share relates to the bars listed in the Bar List from time to time.
15.3 Only verified Users may purchase, sell, transfer or request delivery of Gold.
15.4 Phi Wallet reserves the right to refuse to sell Gold to, buy Gold from, or transfer or deliver Gold for, a verified User in the event of any circumstance that violates the binding contract entered into between the Parties, including, without limitation, where Phi Wallet reasonably believes that such operations would be contrary to Applicable Law or would expose it to legal liability.
15.5 Blockchain record.
15.5.1 In addition to the Ledger, Phi Wallet records Gold Balances and transactions on a public blockchain (currently the XRP Ledger) to provide an additional, tamper-evident audit trail that enhances the transparency of its records.
15.5.2 These blockchain records are created, held and controlled exclusively by Phi Wallet. You do not hold or control any private key, and you cannot transfer, trade or otherwise use these records. They do not represent, create or confer any right, title or claim separate from, or in addition to, your ownership of Gold under these Terms.
15.5.3 In the event of any discrepancy between the blockchain records and the Ledger, the Ledger shall prevail.
15.5.4 Phi Wallet may change, suspend or discontinue its use of blockchain technology at any time. This does not affect your ownership of Gold or your Gold Balance.
16. Ownership; Storage; Shipping.
16.1 Ownership:
16.1.1 Phi Wallet sells Gold to you, and buys Gold from you, as principal.
16.1.2 You authorise Phi Wallet to hold your Gold as custodian, to give instructions to the Vault Operator and to insurers in respect of your Gold, and to carry out the Instructions you give through the App to sell, transfer or deliver your Gold. Phi Wallet will not otherwise deal with your Gold.
16.1.3 Ownership of the purchased Gold passes to you when the Gold is credited to your Gold Balance. From that moment you own an undivided share of the Allocated Gold held in the Customer Gold Account, equal to your Gold Balance, in co-ownership with the other customers whose Gold is held in that account.
16.1.4 Until such time as the purchased Gold is credited to your Account or until full payment of the Instruction is received, whichever occurs last, Phi Wallet retains ownership of the Gold in question.
16.1.5 This means that you own all the economic value of your Gold, and bear all risk and reward related to the ownership of this Gold, including changes in its price.
16.1.6 Subject also to Clause 16.2, the fact that the physical Gold is stored with the Vault Operator does not imply a transfer of ownership to the Vault Operator, which means that you continue to own your Gold.
16.1.7 Phi Wallet undertakes to promptly pay, on behalf of the User, all storage costs due to the Vault Operator, upon collection of the Storage Fees in accordance with Clause 19.3.
16.1.8 Your Gold is not an asset of Phi Wallet or of the Vault Operator. Phi Wallet may not use, lend, lease, pledge, encumber, sell or otherwise dispose of your Gold, except to execute your Instructions or as expressly provided in Clauses 16.2.7, 17.1.2.8, 19.3, 19.5.5, 21 and 32. The insolvency of Phi Wallet or of the Vault Operator will not affect your ownership of your Gold, although such circumstances may result in delays and inconvenience in regaining possession of it.
16.1.9 Phi Wallet does not lend, invest or otherwise manage the Gold held in the Customer Gold Account with a view to generating a return. The Services consist of the sale, purchase, custody, transfer and delivery of Gold that you own.
16.2 Storage:
16.2.1 All Gold held for customers is stored in the Vault, currently located in Switzerland and operated by the Vault Operator, a specialised third party provider. Phi Wallet provides storage, transportation and insurance of your Gold through specialised third party providers.
16.2.2 Phi Wallet acts as custodian of your Gold. Phi Wallet has entered into a storage agreement with the Vault Operator under which the Allocated Gold belonging to customers is held in the Customer Gold Account, segregated from the assets of the Vault Operator and from the gold of the Vault Operator’s other clients.
16.2.3 All storage agreements with the Vault Operator are entered into by Phi Wallet, and the User is not a party to such agreements.
16.2.4 Phi Wallet only sells Gold that is available to it, and ensures that the Allocated Gold held in the Customer Gold Account is at all times at least equal to the aggregate Gold Balances of all customers. The Customer Gold Account may also hold Gold belonging to Phi Wallet. Gold belonging to Phi Wallet is recorded separately in the Ledger, does not form part of the Gold Balances of customers and never reduces them.
16.2.5 The Customer authorises Phi Wallet to arrange storage, transportation and insurance of the Customer’s Gold.
16.2.6 Phi Wallet selects the Vault Operator at its discretion and may replace it, or move the Customer Gold Account to another vault, at any time, provided that the new provider offers equivalent standards of security, segregation and insurance. Any such change does not affect your ownership of your Gold and is made at no cost to you.
16.2.7 Storage Fees will be charged in accordance with Clause 19. If Fees due by you remain unpaid, Phi Wallet may, after giving you at least fourteen (14) days’ notice, debit from your Gold Balance the quantity of Gold corresponding to the unpaid amount. Phi Wallet has no other right of retention or security over your Gold.
16.3 Shipping:
16.3.1 You may, through a request made in the App, request shipment and delivery of Gold to the address verified through our identity verification process (the “Verified Address”), once you hold Gold in the minimum amount of one hundred (100) grams.
16.3.2 Upon verification and acceptance of the above order, Phi Wallet will arrange for Gold corresponding to the requested quantity to be released from the Customer Gold Account and delivered to you, and your Gold Balance will be reduced accordingly.
16.3.3 Details about transportation costs of the shipping and delivery of the Gold will be provided to the User before the delivery request is confirmed.
16.3.4 Phi Wallet shall not make any shipment and delivery of the Gold until full payment of all costs associated with such shipment and delivery has been duly made.
16.3.5 Please note that any dates quoted for delivery are approximate only and are provided by the carrier.
16.3.5.1 Phi Wallet will not be liable for any delay in delivery that is caused by a Force Majeure Event or the User’s failure to provide proper delivery instructions or any other instructions that are relevant to delivery or requested by the carrier.
16.3.6 The risk of loss of or damage to the Gold passes to you when you, or a person indicated by you other than the carrier, take physical possession of the Gold.
16.3.7 It shall be the responsibility of the User to ensure that the User or a trusted person authorised by the User to receive the Gold (“Authorised Person”) is available at the User’s Verified Address to take delivery.
16.3.8 Phi Wallet and its carriers, shippers and agents shall be entitled to assume, subject to the identity checks performed by the carrier, that any person taking delivery of the Gold at the User’s Verified Address is an Authorised Person.
16.3.9 Phi Wallet shall not be responsible for security at the User’s Verified Address.
16.4 Customs clearance:
16.4.1 The User shall bear responsibility for customs clearance of goods into the country of destination of the shipping (“receiving country”) in accordance with the legislation of the receiving country.
16.4.2 The User shall be responsible for duties and customs fees and/or any other governmental and/or import taxes and/or fees.
16.4.3 The User releases Phi Wallet from any liability related to customs, except where the liability results from the fault of Phi Wallet.
17. Purchase; User Account Financing.
17.1 After creating and verifying your Account, you can fund your Account to buy Gold with:
17.1.1 Fiat money:
17.1.1.1 You can fund your Account with fiat currency transferred from a bank account held in your name.
17.1.1.2 Upon receipt, the funds will be credited to your Account.
17.1.1.3 Any deposit that does not originate from a bank account held in your name, including a joint account of which you are a holder, will be rejected and the amounts returned to the originating account.
17.1.1.3.1 In such cases, you will bear any reasonable cost or fees charged by the banks involved in returning the funds.
17.1.1.4 Deposits received before 3pm (Lisbon time) will normally be credited to the User’s Account on the same or next Business Day, or within the applicable banking hours. The timeframes advanced are indicative only.
17.1.1.5 Please note that deposit processes may be subject to the internal and jurisdictional processes of your bank as well as Phi Wallet’s bank or banks.
17.1.1.6 You represent and warrant that all funds you transfer to your Phi Wallet Account do not represent the proceeds of any criminal or fraudulent activity.
17.1.1.7 You are not authorised to receive funds into your Account from a sender other than yourself, unless you receive specific prior approval to the contrary from Phi Wallet.
17.1.1.8 If we reasonably determine that you are not the owner of the funds in your Account, Phi Wallet reserves the right to deal with such funds in accordance with Applicable Law, which may include returning the funds to the payer.
17.1.2 Phi Wallet Gold Gift Service:
17.1.2.1 Where this functionality is available in the App, you may transfer Gold from your Gold Balance to another person, in particular as a gift. Gifts must not be used to pay for goods or services. Transfers and gifts are recorded in the Ledger and no Gold leaves the Vault.
17.1.2.2 When you create a gift, the gifted quantity of Gold is deducted from your available Gold Balance and reserved for the gift. It remains your property until the gift is redeemed, at which point ownership passes to the recipient and the Gold is credited to the recipient’s Gold Balance. Only a verified User may redeem a gift, and you cannot redeem a gift you created.
17.1.2.3 A gift addressed to a specific User can only be redeemed by that User. A gift shared through a gift code or link can be redeemed by any verified User who holds the code or link. You are responsible for sharing it only with your intended recipient, and Phi Wallet is not responsible if it is redeemed by another person to whom the code or link has been disclosed.
17.1.2.4 A gift that is not redeemed within the period indicated in the App expires, and the reserved Gold is returned to your available Gold Balance. You may cancel a gift shared through a gift code or link before it is redeemed; a gift addressed to a specific User cannot be cancelled by the sender. Phi Wallet may cancel a pending gift in the circumstances set out in Clause 21, in which case the reserved Gold is returned to you. Once redeemed, a gift is irrevocable.
17.1.2.5 Gifts are subject to the limits and to any Fees displayed in the App. Phi Wallet may request information about the purpose of a gift and about your relationship with the recipient.
17.1.2.6 Gifts may be subject to Taxes (such as gift, inheritance or stamp duties) in the country of residence of the sender or of the recipient. The sender and the recipient are responsible for any such Taxes.
17.1.2.7 You represent and warrant that the Gold you transfer through the App to another person does not represent the proceeds of any criminal or fraudulent activity.
17.1.2.8 If Phi Wallet reasonably determines that you received Gold through the App in an unlawful way, Phi Wallet may block the Gold concerned and deal with it in accordance with Applicable Law, including by reversing the transfer and by reporting the matter to the competent authorities.
17.1.3 Phi Wallet does not accept deposits of physical gold or of any other precious metal. Gold can only be added to your Gold Balance by purchasing it from Phi Wallet through the App, by receiving it from another User through the App, or as a reward under Clause 19.5.
17.2 Acquisition of Gold through Phi Wallet App.
17.2.1 After the User has funded their Account, they may proceed to buy Gold with the fiat amount deposited into their Phi Wallet Account.
17.2.2 The User will be shown a streaming price quote for the price of one gram of London Good Delivery Gold (“Streaming Price Quote”).
17.2.3 The Streaming Price Quote is only valid for twenty (20) seconds. Prior to your buy decision, the App will show you the Streaming Price Quote, the applicable Fees, displayed separately from the Streaming Price Quote and expressed in weight of gold, and the estimated total cost of the amount of Gold to be purchased.
17.2.4 The User will have twenty (20) seconds to review and submit their purchase order. If your Streaming Price Quote expires, you must obtain a new price quote.
17.2.4.1 During periods of high volatility or in case of technical difficulties, the Streaming Price Quote may be updated faster than every twenty (20) seconds, or the transaction may be declined due to insufficient inventory, in which case no amount will be debited from your Account.
17.2.5 Once a purchase order has been executed and assets have been credited and debited, the transaction cannot be reversed.
17.2.6 Phi Wallet reserves the right to require a minimum amount for buying Gold, which may be updated from time to time and is displayed in the App.
17.2.7 Clauses 17.2.2 to 17.2.6 apply to sales of Gold to Phi Wallet with the necessary adaptations. Sale proceeds are credited to your fiat balance and may be withdrawn to a bank account held in your name.
18. Instructions; Cancel Instructions.
18.1 You may not submit an Instruction until the Account creation has been successfully completed and funds have been received into that Account.
18.2 Once an Instruction is submitted, it cannot be changed, cancelled or terminated other than in accordance with these Terms.
18.3 By placing an Instruction, the User agrees to have sufficient funds or Gold as needed to settle the transaction, including Fees.
18.4 By placing an Instruction order, the User relies solely on its own judgement.
18.5 The price of any order is the Streaming Price Quote accepted by the User, and the Fees are those displayed to the User before the order is confirmed.
18.6 The User accepts responsibility for the security of all Instructions sent via the Phi Wallet App, in accordance with Clauses 11.12 and 11.15.
18.7 When Phi Wallet accepts the submission of an Instruction, it will make reasonable efforts to complete it.
18.8 Phi Wallet shall be entitled to assume that all Instructions received from the User’s Enabled Device made through the Phi Wallet App and validated using the User’s access credentials come from the User.
18.9 Phi Wallet shall have no obligation to verify, beyond its security procedures, that such Instructions are in fact from the User.
18.10 The User declares to be aware that Instructions and information transmitted through the Phi Wallet App are generally transmitted via the Internet and may be routed through public, transnational facilities that are not specifically protected.
18.11 Phi Wallet uses appropriate security measures but cannot guarantee that Instructions and information so transmitted will be completely protected against unauthorised access.
18.12 Any Instructions sent by the User shall only be deemed to have been received from the User when such Instructions have been successfully retrieved from the relevant system and the User has been informed of such receipt.
18.13 In addition, any Instructions sent by you to third parties will only be deemed to have been received by such third parties in accordance with their terms and conditions.
18.14 You acknowledge and agree, without prejudice to the provisions of these Terms, that to the extent that any terms exist in the jurisdiction in which you are located governing the time and place of sending and receiving electronic communications, such terms shall not apply to your use of the Phi Wallet App Services, except where they are mandatory.
18.15 Phi Wallet is not liable to you for any loss or expense you suffer if Phi Wallet is unable to execute an Instruction for any reason (other than as a result of our negligence, fraud or wilful default) or due to a breakdown or failure of transmission or communication systems not attributable to Phi Wallet, or where there is a delay or change in gold market conditions prior to the completion of the transaction.
18.16 Phi Wallet reserves the right to cancel or void orders executed at a manifestly erroneous price resulting from a technical error, or in the event of an actual or suspected violation of these Terms. Phi Wallet will inform you promptly and will restore your Account to the position it would have been in had the order not been executed.
19. Fees and Taxes.
19.1 Your use of the Phi Wallet App Services may be subject to certain fees, which will, if applicable, be charged to your Account.
19.2 Transaction Fees:
19.2.1 Fees will be charged on the purchase and sale of Gold.
19.2.2 These Fees are displayed in the App separately from the Streaming Price Quote, expressed in weight of gold, before you confirm each transaction, and are automatically charged on all transactions of this nature.
19.3 Storage Fees:
19.3.1 Storage Fees are applicable to all Gold held by the User (hereafter “gold reserves”) and constitute an obligation, regardless of whether such holder is an individual, company or institution.
19.3.2 Phi Wallet provides its Users with free storage of their gold reserves for one (1) year.
19.3.3 This one (1) year period will commence from the date on which Gold is first credited to the User’s Gold Balance and will only apply once per User and will not apply to future purchases or to upgrades of gold reserves already held by the User.
19.3.4 After the expiry of the one (1) year period, under the terms of the previous paragraphs, Gold Storage Fees will be charged at a rate of 0.5% per year of the User’s gold reserves, calculated and debited on a monthly basis.
19.3.5 All fees will be automatically debited from the User’s Account on a periodic basis. Storage Fees are collected in Gold, by debiting the corresponding quantity of Gold from the User’s Gold Balance.
19.3.6 Phi Wallet may modify the amount charged for Storage Fees and/or change, suspend or otherwise alter the free storage period in accordance with Clause 6.
19.4 Bank fees:
19.4.1 The User’s banking institution or other payment service provider may charge transaction fees and/or other fees related to the transfer of funds to and from your Account.
19.4.2 In the event that such fees are charged to Phi Wallet for either the deposit or withdrawal of currency to or from the User’s Account, Phi Wallet will deduct an amount equal to any such fees from the amount being transferred.
19.5 Incentives and Referral Programme:
19.5.1 Phi Wallet may offer incentives, promotions or reduced fees to certain Users. The conditions of each incentive or promotion are displayed in the App before you take part in it and form part of these Terms.
19.5.2 Phi Wallet may operate a referral programme under which a verified User (“Referrer”) who invites a person who has never held an Account (“Referred User”) may receive a reward in Gold, granted free of charge by Phi Wallet. The reward, the conditions to obtain it and the duration of the programme are communicated in the App and may change from time to time. The conditions applicable are those displayed in the App when the Referred User creates an Account.
19.5.3 A reward is only credited once all the applicable conditions have been met, which in all cases include the completion of identity verification by the Referred User. A reward is granted only once per Referred User, and existing Users cannot obtain a reward by using a referral code or link.
19.5.4 You may only share your referral code or link with your personal contacts. Sharing it through paid advertising, in bulk to persons you do not know, or in any professional or commercial capacity requires the prior written consent of Phi Wallet.
19.5.5 Phi Wallet may refuse or cancel a reward, debit from your Gold Balance the quantity of Gold corresponding to a reward that was wrongly credited, and suspend your participation or your Account in accordance with Clause 21, where it reasonably suspects self-referral, multiple or false Accounts, a breach of Clause 19.5.4, or any other abuse of the programme.
19.5.6 Phi Wallet may modify, suspend or end the referral programme at any time by notice in the App. Rewards for which all conditions have been met before such notice will be honoured.
19.5.7 Rewards may constitute taxable income in your country of residence. You are responsible for declaring them and paying any Taxes due.
19.6 All applicable Fees listed on the Phi Wallet App and the Site are exclusive of any applicable taxes and the actual fee charged will be increased to account for any such applicable taxes.
19.7 Phi Wallet may change or modify the fee structure or any of the Fees in accordance with Clause 6.
19.8 If you do not agree with a change to the Fees, you may terminate your Account as provided in Clause 6.8.
19.9 The User is responsible for paying all local taxes and tariffs that are or may be applicable to purchase, sale, transfer, delivery or custody of Gold, and any associated charges.
20. Risks.
20.1 Please note that the purchase and holding of Gold involve certain risks, including in particular:
20.1.1 market volatility: the price of Gold can rise or fall, sometimes sharply and over short periods, and you may sell your Gold for less than you paid for it;
20.1.2 availability risk: Phi Wallet is the only counterparty to the purchases and sales of Gold made through the App. Purchases may be temporarily unavailable while Phi Wallet replenishes its Gold inventory, and purchases or sales may be delayed or suspended in exceptional market conditions or during periods of Downtime;
20.1.3 third party risk: the Services rely on specialised third parties selected by Phi Wallet, such as the Vault Operator, insurers, carriers and banks. A failure of any of them could delay access to your Gold or funds. Your ownership of your Gold is not affected by the failure of the Vault Operator (Clause 16.1.8), and Phi Wallet remains responsible for the third parties it uses (Clause 26.6);
20.1.4 legal and tax risk: changes in Applicable Law or in tax rules may affect the Services or the tax treatment of your Gold.
20.2 While we may provide historical and/or real-time data on the price of Gold, including charts displayed on the Phi Wallet App showing price fluctuations, such data or charts are for reference only.
20.3 We make no representations regarding the quality, adequacy, usefulness or completeness of such data or charts, which should not be relied upon as a basis for investment decisions.
20.4 Phi Wallet does not provide any investment advice, tax advice, financial advice or any other professional advice and any content on or in the Phi Wallet App and/or Site should not be considered as such and/or as a substitute for tailored investment or financial advice.
20.5 The content on the App and Phi Wallet Site does not constitute a comprehensive or complete statement of the matters discussed or the law relating thereto.
20.6 The content of the Phi Wallet App and website should not be used as a basis for making investment decisions.
20.7 Your Account is not a bank account or a deposit account. Fiat balances recorded in your Account do not bear any interest, and neither your fiat balance nor your Gold is protected by any government-guaranteed indemnity, deposit guarantee scheme or investor compensation scheme.
20.8 Phi Wallet is not responsible for any loss resulting from changes in the price of Gold.
20.9 Phi Wallet does not own or control the blockchain networks referred to in Clause 15.5. Their unavailability or malfunction does not affect the Ledger, your Gold Balance or your ownership of Gold.
21. Limitation of Services; Termination; Account Closure.
21.1 It is expected that from time to time, due to technological factors, scheduled software updates and the performance of other maintenance, as well as factors outside or within our control, the Site, the Products, or other Services may be temporarily interrupted (“Downtime”).
21.2 Information about scheduled maintenance times can be found on our Site.
21.3 Open orders will be held during the Downtime period and processed normally after the Downtime period.
21.4 Following any such interruption, market conditions and prices may differ from the conditions and prices prior to such interruption.
21.5 Subject to Applicable Law:
21.5.1 Phi Wallet may, without liability to you, refuse, suspend, cancel, reverse, void or partially execute any purchase, sale, transfer, gift or delivery Instruction, or reverse, cancel, reclaim or refuse to honour any reward, bonus or incentive, including but not limited to:
21.5.1.1 in the event of any breach by you of these Terms and all other applicable terms;
21.5.1.2 for purposes of compliance with Applicable Laws;
21.5.1.3 if Phi Wallet reasonably suspects that a transaction made by the customer is potentially linked to any illegal activities (including, but not limited to, money laundering, terrorist financing and fraudulent activities);
21.5.1.4 to remedy the effects of any defect in or compromise of any information system on which Phi Wallet relies;
21.5.1.5 as may be informed by its internal control policy and the reasonably anticipated activity profile for the type of customer to which you belong;
21.5.1.6 where an order or transaction has been executed at a manifestly erroneous value, in accordance with Clause 18.16; or
21.5.1.7 where the customer is intentionally abusing Phi Wallet’s services and products, or engaging in actions to defame, abuse, harass, stalk, threaten or otherwise violate any of Phi Wallet’s and/or its employees’ rights.
21.5.2 Phi Wallet reserves the right to suspend, restrict or terminate your access to any or all of our Services and to disable your Account, including without limitation when:
21.5.2.1 it is our reasonable opinion that we are required to do so by Applicable Law or any court or other authority to which we are subject in any jurisdiction; under reasonable suspicion that you may be in breach of these Terms or are otherwise attempting to circumvent these Terms; under reasonable suspicion that a transaction is fraudulent or misleading; under reasonable suspicion that your Account has been compromised or that the Services are being used in a fraudulent or unauthorised manner; under reasonable suspicion of money laundering, terrorist financing, fraud or any other financial crime; under reasonable suspicion that you are conducting any fraudulent or illegal activities; or where you or your Account are subject to pending litigation, investigation or government proceedings.
21.5.2.2 In the event that we decide to suspend, restrict or terminate your access to our Services in accordance with the provisions of this clause, we will (to the extent it is not unlawful for us to do so) provide you with notice and the reasons for our decision.
21.5.2.3 Suspensions, restrictions or terminations of your use of our Services will be reversed once the grounds for them no longer exist. We are under no obligation to execute any suspended, reversed or terminated transactions at the same price or on the same terms.
21.5.3 The foregoing may apply to all, or any specific group, or any individual User of the Phi Wallet Services and Products. We do not guarantee that any particular content, component and/or feature will always be available on the Phi Wallet Services and/or Products.
21.6 Note that your obligations under these Terms will continue in the event of such suspension or termination described above.
21.7 You shall not be entitled to any payment, compensation or damages from us in connection with any suspension, reversal or termination of your use of Phi Wallet services and/or products made in accordance with these Terms.
21.8 Any limitation, suspension or termination of your use of the Phi Wallet App Services for any reason will not relieve you of any liability or obligation on your part, which at the time of such limitation, suspension or termination, has already accrued.
21.9 Our rights of limitation, suspension and termination under these Terms will not prejudice any other rights or remedies we may have (whether under these Terms, Applicable Law or otherwise).
21.10 If you wish to terminate your access to and use of any of the Phi Wallet Services or close your Account, you may do so at any time, free of charge, by requesting it through the App or by email to support@phiwallet.com.
21.11 If, at the time of your Account closure request, your Account has any outstanding obligations or pending transactions, Phi Wallet will process the closure request once such obligations have been fulfilled and such transactions completed.
21.12 If you have a balance remaining in your Account that has been suspended or closed, you are entitled to recover your Gold (by sale, transfer or delivery) and your fiat balance, unless we are prohibited by law or a court order from releasing such Gold or fiat, respectively, or if we have reasonable grounds to suspect that such Gold or fiat were obtained through fraud or any illegal means or in connection with any criminal activities, in which case we will deal with them in accordance with Applicable Law. If you have any questions about this clause, please contact us at support@phiwallet.com.
21.13 Subject to Applicable Law, we may at any time and with proper notice to you:
21.13.1 deduct any amount we owe you from any amount you owe us; or
21.13.2 recover any amount you owe us (in either case, provided that the obligation is due and payable).
21.14 Upon receiving a request to close an Account, we may terminate your ability to effect new purchases on your Account and only permit you to sell, transfer or request delivery of your Gold and to withdraw the remaining available funds associated with your Account.
21.15 Account closure will not affect any rights and obligations incurred prior to the Account closure date.
21.16 Your Account can only be closed once all Gold recorded in your Gold Balance has been sold, transferred or delivered, all fiat funds have been withdrawn, and no gift, transaction or other obligation remains pending. Until then, your Account remains open and these Terms, including the Storage Fees, continue to apply to it. Once these conditions are met, Phi Wallet will normally close your Account within seven (7) days of your request. After closure, Phi Wallet keeps your data and records for the periods required by Applicable Law, as described in the Privacy Policy.
22. Intellectual and Industrial Property.
22.1 All Intellectual Property Rights arising from or relating to the Services shall be owned by Phi Wallet.
22.2 Phi Wallet retains all industrial, intellectual, copyright or related property rights in and to the Phi Wallet Brand and the Phi Wallet App and all of its components, including any documentation, procedures and updates or developments that have been promoted.
22.3 You acknowledge and agree that:
22.3.1 The Phi Wallet trademarks and logos and any other logos, service marks, product names and other indicia of ownership used in the App are the property of either Phi Wallet or third party licensors (collectively “Trademarks” or “Marks”);
22.3.2 The intellectual property rights in and to the App Services are owned by us or licensed from third party licensors; and that
22.3.3 Other than the licence expressly granted to you in these Terms, you are granted no other rights with respect to the Trademarks, the App or the App Services.
22.4 In this regard, you expressly acknowledge that no part or portions of the App may be reproduced, distributed, republished, displayed, disseminated, hyperlinked, transmitted, adapted, modified to create derivative works or otherwise commercially exploited in any form or by any means or stored in an information retrieval system without our prior written permission.
22.5 Third party product and service names mentioned on the Site, the App, Products or Services and Materials may be trademarks and service marks of their respective companies and are the exclusive property of their respective owners, and may not be used publicly without the express written consent of the owners and/or holders of such trademarks and service marks.
22.6 You acknowledge and agree that we own and/or have been authorised by third party owners of relevant intellectual property to use the trademarks, copyrights, patents, design and intellectual property of every nature and form found on the Site and the Services.
23. Feedback, Questions and Complaints.
23.1 If you have any feedback or questions, please contact us at support@phiwallet.com.
23.2 You may submit a complaint free of charge through the App or by email to complaint@phiwallet.com. We will acknowledge your complaint and respond within the time limits set out in our Complaints Policy.
23.3 You may also file a complaint in the Electronic Complaints Book (Livro de Reclamações Eletrónico) at www.livroreclamacoes.pt.
23.4 If you are a Consumer and your complaint is not resolved to your satisfaction, you may refer the dispute to a consumer alternative dispute resolution entity, such as the Centro de Arbitragem de Conflitos de Consumo de Lisboa (www.centroarbitragemlisboa.pt) or the Centro Nacional de Informação e Arbitragem de Conflitos de Consumo (CNIACC, www.cniacc.pt). More information is available on the Portuguese Consumer Portal (www.consumidor.gov.pt).
23.5 If you are a Consumer resident in another Member State of the European Union, you may also obtain assistance from the European Consumer Centre of your country.
24. Announcements; Communications.
24.1 By using the Phi Wallet App Services, you agree that we may provide you with notices or other communications related to your use of the App Services by:
24.1.1 Electronic mail (in each case to the address you provide);
24.1.2 SMS message;
24.1.3 Telephone call (in each case to the telephone number you provide); or
24.1.4 Posting on the Site and/or App.
24.2 We will only send you marketing communications in accordance with your preferences and Applicable Law, and you may unsubscribe from marketing communications at any time.
24.3 Notices and/or communications addressed to Phi Wallet shall be sent electronically to support@phiwallet.com unless otherwise provided in these Terms.
24.4 Either party may change the address to which notice must be sent in writing to the other Party pursuant to this provision of these Terms.
24.5 Notices will be deemed effective upon delivery.
24.6 Notices by electronic mail are deemed delivered:
24.6.1 One (1) hour after transmission if sent during the recipient’s business hours; or
24.6.2 Otherwise by 9:00 a.m. (recipient’s time) on the next Business Day.
24.7 Notices delivered on the Site will be deemed given at the time of posting.
24.8 Notices delivered by any other method will be deemed given upon receipt.
24.9 Any properly addressed notice that is refused, unclaimed or undelivered will be deemed effective as of the first date such notice is refused or deemed undeliverable by the postal authorities, courier, mail server or service provider, or overnight delivery service.
24.10 Communications sent by email are not encrypted end to end. Please do not send passwords or other sensitive information by email.
24.11 Messages and other content you send to us through the Site or the Services may be read by our authorised staff and service providers for the purpose of handling your request.
24.12 All communications are processed in accordance with our Privacy Policy and Applicable Law.
25. Disclaimer of Warranties; Implied Warranties.
25.1 Without prejudice to the rights you have as a Consumer under Applicable Law, including the statutory guarantees applicable to goods and services, which these Terms do not exclude or limit, by using the Site, Products, Materials or Services, the User acknowledges and agrees that:
25.1.1 Such use is at the User’s own risk;
25.1.2 Any material and/or data downloaded or otherwise obtained through the use of the Site, the Products, the Services or any of the Materials is done at your own discretion and risk;
25.1.3 The Site, the Products, the Services and the Materials, and all materials contained therein, are provided “as is” without warranty of any kind, either express or implied, including, but not limited to, any implied warranties of merchantability, fitness for a particular purpose, title or non-infringement, to the extent permitted by Applicable Law;
25.1.4 Phi Wallet makes no representations or warranties that the Site, the Products, the Materials and Services, or any materials therein, will be uninterrupted, timely, secure, or error-free;
25.1.5 Phi Wallet cannot and does not guarantee that files available for download from the Internet are free of viruses, worms, Trojan horses, or other code that may manifest contaminating or destructive properties;
25.1.6 Phi Wallet assumes no responsibility for your use of the Internet in connection with the Site, the App, the Products and the Services;
25.1.7 Phi Wallet makes no representations or warranties regarding the future value of Gold.
25.2 The warranties and representations expressly set forth in these Terms, together with those that cannot be excluded under Applicable Law, are the only warranties and representations made by Phi Wallet with respect to these Terms, the Site, the Products and the Services.
25.3 None of these warranties and representations shall extend to any third person.
26. Limitation of Liability.
26.1 Nothing in these Terms excludes or limits Phi Wallet’s liability for: (a) death or personal injury caused by negligence; (b) fraud, wilful misconduct or gross negligence of Phi Wallet or of the persons it uses to perform its obligations; (c) loss of or damage to your Gold while held in custody by Phi Wallet or the Vault Operator, other than as a result of a Force Majeure Event; or (d) any other liability which cannot be excluded or limited under Applicable Law.
26.2 You acknowledge that access to and use of the Website and Services, including the Phi Wallet App, is made using computer systems and communications networks that may have flaws, defects or errors in operation or design.
26.3 While Phi Wallet attempts to make your use of its services safe, it cannot and does not represent or warrant that the services are free of viruses or other harmful components.
26.4 Subject to Clause 26.1 and to the extent permitted by Applicable Law, Phi Wallet (or its licensors, agents, suppliers, service providers) shall in no event be liable to the User for any indirect, special, incidental, consequential, exemplary or punitive damages, nor for damages resulting from the User’s failure to comply with its obligations under these Terms, for example:
26.4.1 Loss of profits, loss of information, business interruption, loss of revenue, or loss of goodwill, which may arise from the use, misuse, or inability to use the Site, the Products, the Services, or any of the materials contained therein;
26.4.2 Damage or interruptions caused by any computer viruses, spyware, Trojan horses, worms or other malware that may affect your computer or other equipment, or any phishing, spoofing or other attack, where Phi Wallet has taken appropriate security measures;
26.4.3 Any loss of value in the User’s Account, of Gold or of fiat currency, resulting from the suspension or closure of the Account in accordance with these Terms, or from any government seizure or forfeiture.
26.5 Subject to Clause 26.1, neither Phi Wallet nor any third party acting on our behalf will be liable to you for any termination of your access to any part of the Site, the App, Products or Services made in accordance with these Terms.
26.6 Phi Wallet is responsible for the acts and omissions of the third parties it uses to perform the Services in the same way as for its own acts and omissions, in accordance with Applicable Law.
26.7 The User is responsible for maintaining the security of their own devices and environment, including the regular use of malware screening and prevention software.
26.8 The User should also be aware that email and other communication services are vulnerable to spoofing and phishing attacks and should exercise caution when reviewing messages claiming to originate from Phi Wallet.
26.9 We advise you to always log into your Account via the Phi Wallet App or contact us if you are uncertain about the authenticity of any communication or notice.
26.10 If you are not a Consumer, and subject to Clause 26.1, our aggregate maximum total liability hereunder for direct damages shall not exceed the total Fees paid by you for use of the Site, the App, Products or Services during the three (3) months preceding the event giving rise to the claim.
26.11 In the event that some jurisdictions prohibit the exclusion or limitation of liability for consequential or incidental damages, the above limitation may not apply to you (in whole or in part).
26.12 Our records of all matters relating to your use of our Services (including the Ledger and your Transaction History) constitute evidence of those matters, without prejudice to your right to prove otherwise.
27. Force Majeure.
27.1 Phi Wallet shall not be liable for failure to perform any obligations under these Terms that are due to events beyond its reasonable control, and the time provided for performance of such obligations shall be extended by a period of time equal to the duration of such events.
27.2 Events beyond Phi Wallet’s control include, but are not limited to:
27.2.1 acts of God, war, riots, fires, embargoes, civil unrest, strikes, labour disputes, bank failures, disruption or suspension of the gold market, floods, earthquakes, hurricanes, tropical storms or other natural disasters or casualties, pandemic, government regulation or restriction, acts of civil or military authority or terrorism, failure of telecommunications infrastructure or power, and cyber attacks, to the extent that such events could not have been avoided by Phi Wallet through reasonable precautions, including appropriate security, business continuity and supervision of its service providers.
27.3 If any law, regulation, rule or decision of any self-regulatory organisation, or ordinance, whether international, state, or local, becomes effective, which materially alters our ability to offer the Site, the App, Products or Services described in these Terms, we shall have the right to terminate these Terms, with notice, if reasonably possible, effective as of the later of:
27.3.1 the date from which we are unable to provide our Services hereunder; or
27.3.2 thirty (30) days after such notice, where possible.
27.4 In such a case, Clauses 21.12 and 21.16 apply to your Gold and fiat balance.
28. Other Jurisdictions.
28.1 We make no representation that the Site, the App, Products and Services are appropriate or available for use in other locations, and access to them from territories where their content or function may be illegal is prohibited.
28.2 Those who choose to access the Site, the App, Products or Services from such locations do so on their own initiative and are solely responsible for determining compliance with all applicable local laws.
29. Severability.
29.1 If any provision of these Terms is held invalid or unenforceable by any court or administrative body of competent jurisdiction, the invalidity or unenforceability of such provision shall not affect the other provisions of these Terms and all provisions not affected by such invalidity or unenforceability shall remain in full force and effect.
29.2 Such provision shall be amended and construed to accomplish the purposes of the provision to the extent possible under any applicable law.
30. Waiver.
30.1 These Terms shall not be waived in whole or in part except as agreed to in writing by the Parties.
30.2 The waiver of any right or remedy shall not be deemed a waiver of any subsequent right or remedy.
30.3 The single or partial exercise of any right or remedy provided by these Terms or by law shall not prevent or restrict the subsequent exercise of that or any other right or remedy.
30.4 The delay in performing or the failure to perform any of the provisions, in whole or in part, of these Terms by any Party shall not be construed as a waiver of any of that Party’s other rights arising out of the breach or any subsequent breach of any of these Terms and no right, power or remedy conferred or reserved to any Party under these Terms is exclusive of any other right, power or remedy available to that Party and each such right, power or remedy shall be cumulative.
31. Damages.
31.1 If you are not a Consumer, you agree, to the fullest extent permitted by applicable law, to defend, indemnify and hold harmless Phi Wallet, its parent, affiliates and subsidiaries, and each of their respective directors, officers, shareholders, members, partners, attorneys, employees, agents and service providers from and against any claims, including third party claims, demands, actions, losses, liabilities, expenses and costs (including reasonable attorneys’ fees and any fines, fees or penalties imposed by any regulatory authority), directly or indirectly arising out of or relating to:
31.1.1 Your breach of any of these Terms;
31.1.2 Your failure to provide complete, accurate, and up-to-date information at any point before and after termination of the Phi Wallet Services;
31.1.3 Misuse of the Site, the Products, the Services, or the Materials by you (or under your authority);
31.1.4 Any regulatory inquiry, legal action, litigation, dispute, or investigation arising from your conduct in relation to your Account, the Products, or the Services; and
31.1.5 Your violation of any Applicable Laws or regulations of any jurisdiction, or the rights of any third party.
31.2 Any use of the Site and Services, in particular, the Phi Wallet App by you for purposes other than those authorised herein, including copying in whole or in part, may subject you to civil and/or criminal liability, as applicable, and to the obligation to compensate Phi Wallet for the damages caused by you.
31.3 Phi Wallet will notify you by email or other appropriate means of any such claim or proceeding, and will reasonably cooperate (at its own expense) in the defence of such claim or proceeding.
31.4 Phi Wallet reserves the right to participate in the defence of any such claim or to choose its own counsel, but is not obligated to do so.
31.5 If you are a Consumer, Clause 31.1 does not apply to you, and you are liable to Phi Wallet for damage caused by your breach of these Terms or of Applicable Law in accordance with the general rules of law.
32. Right to Compensate.
32.1 To the extent permitted by law and after giving you notice, Phi Wallet may set off any amounts due and payable by you under these Terms (including Fees) against funds or Gold in your Account.
33. Applicable Law and Jurisdiction.
33.1 These Terms and Conditions are governed by Portuguese law.
33.2 If you are a Consumer, this choice of law does not deprive you of the protection afforded to you by the mandatory provisions of the law of the country in which you have your habitual residence.
33.3 In the event that a dispute arises between the Parties arising out of or otherwise relating to these Terms and Conditions, the Parties shall first attempt to resolve it in good faith, including through the complaints procedure described in Clause 23.
33.4 If you are a Consumer, you may also refer the dispute to an alternative dispute resolution entity as described in Clause 23.4. Recourse to such entities is voluntary and does not prevent either Party from bringing the dispute before the courts.
33.5 If you are a Consumer, you may bring proceedings against Phi Wallet in the courts of Portugal or in the courts of the place where you are domiciled, and Phi Wallet may bring proceedings against you only in the courts of the place where you are domiciled.
33.6 If you are not a Consumer, the courts of Lisbon, Portugal shall have exclusive jurisdiction to settle any dispute arising out of these Terms.
33.7 Claims are subject to the limitation periods provided for by Applicable Law.
34. Third Party Rights.
34.1 Other than the entities within the Phi Wallet group in respect of Clause 31, a person who is not a party to these Terms has no right to enforce part or all of these Terms.
35. Survival.
35.1 All provisions of these Terms which by their nature extend beyond the termination of these Terms shall survive their termination.
36. Acceptance.
36.1 By tapping the button confirming Account creation, you confirm that you accept these Terms. Phi Wallet has made these Terms available to you before acceptance, and will clarify any of their provisions on request at support@phiwallet.com.